Lockheed Martin10,000 employees were laid off in 2012 based on a 10 percent cut at the U.S. Department of Defense, which makes up 60 percent of Lockheed's total business. Increasing competition also played a role in the company's move to reduce its workforce.

Lockheed Martin10,000 employees were laid off in 2012 based on a 10 percent cut at the U.S. Department of Defense, which makes up 60 percent of Lockheed's total business. Increasing competition also played a

Citigroup11,000 employees, 4 percent of the company's workforce, were laid off in 2012 as a way to shrink the bank down to a more manageable, profitable size and save $1.1 billion a year in operating costs.

Citigroup11,000 employees, 4 percent of the company's workforce, were laid off in 2012 as a way to shrink the bank down to a more manageable, profitable size and save $1.1 billion a year in operating costs.

Hewlett-Packard29,000 employees, 8 percent of its workforce, were laid off in 2012 when the company was faced with declining revenue. Layoffs came from early retirement packages that the company hoped would save $3.5 billion annually.

Hewlett-Packard29,000 employees, 8 percent of its workforce, were laid off in 2012 when the company was faced with declining revenue. Layoffs came from early retirement packages that the company hoped would